MX Bites / September 26, 2023
Customer experience serves as the key distinguishing factor for businesses that offer the same value. It is what keeps customers returning to demand a product or service from a brand when other businesses offer the same value.
Since a customer-centric approach is prioritized in this business revolution over a product-centric approach, it is crucial to study the enormous influence of customer experience on the development of the business value proposition. Following is a list of important statistical figures that quantify the extent to which customer experience is having an impact.
Importance of Customer Experience Statistics
Customer experience is generally dynamic. Since statistics have evolved over time, it is practical for businesses to follow the trend in order to make informed decisions for the advancement of their operations.
Businesses that place a high value on the customer experience, as shown in their communication style, personalization of the CX, etc., experience observable and progressive growth. Therefore, understanding customer experience statistics and trends builds a solid foundation for leaders to understand what impresses, motivates, and satisfies their customers.
Following is a list of customer experience statistics you should consider before making your next CX decision.
Customer Expectations Statistics
- According to Tribune, 93% of customers expect a brand to respond to them within 24 hours.
- Tribune also reports that 47% of customers prefer a website with a chatbot. This shows that customers enjoy quick responses, and a delay in response might offend them.
- 60% of customers find personalized recommendations valuable, and 62% of customers opine that personalized recommendations are better than generalized ones. (Zendesk)
- 83% of customers expect a single person to resolve complex issues. (Salesforce)
- 86% of customers say that understanding what they need and showing empathy in situations like a hike in price help them build a strong relationship with the brand. (Sitecore)
- 52% of customers expect to get responses within an hour of posting on a brand’s digital page, e.g., social media and website. (Emplify)
- Customers are 2.4 times more likely to stay when companies solve customer problems more quickly. (Forrester)
The Power of Personalization
- 74% of customers believe that brand loyalty is about feeling valued and understood, not discounts and loyalty perks. (Redpoint)
- 73% of customers expect companies to understand their unique needs and expectations. (Salesforce)
- More than 50% of customers say that personalization tends to feel off-target and doesn’t meet their needs, interests, and preferences. (Deloitte)
- 91% of customers are more likely to shop with brands that recognize, remember, and provide relevant offers and recommendations. (Accenture)
- 90% of customers are willing to spend more with companies with personalized customer service. (Zendesk)
- 80% of companies report seeing an uplift since implementing personalization. (Ecoconsultancy)
- 71% of customers expect personalization, and 76% of customers get frustrated when they don’t get it. (McKinsey)
- 66% of buyers think seeing non-personalized material would deter them from making a purchase. (Adobe)
Impact of Technology on Customer Experience
- 75% of brands will be using AI-based selling by 2025. (Smart Tribune)
- 48% of customers feel comfortable with conversations managed by bots. (Hubspot)
- 66% of chats occur via mobile devices. (Live Chat)
- 89% of consumers want two-way conversations with brands through messaging channels and apps. (Sinch)
- 62% of brands have increased their investments in self-service. (Hubspot)
- Customers adopt only 10% of newly built digital platforms. (McKinsey)
Customer Retention Statistics
- 81% of customers say that their choice of brand patronage is highly dependent on how well they trust the brand to do the right thing. (Forbes)
- Happy customers are 78% more likely to purchase upgrades and new services. (Freshlime)
- 82% of companies agree that customer retention is cheaper than customer acquisition, and 56% of customers stay loyal to brands that ‘get them.’ (Smallbizgenius)
- 13% of unhappy customers will share their experience with other people. (Esteban Kolsky)
- 75% of customers acclaim that they will favor brands that offer rewards for patronage. (Smallbizgenius)
- About 80% of companies rely on email marketing to maintain their customer retention rate. (Smallbizgenius)
- 89% of companies agree that excellent customer service is what influences customer loyalty. (Semrush)
- 86% of satisfied and loyal customers will recommend a service or product to their friends. (KPMG)
- 96% of customers confess that the strong reason behind their loyalty is good customer service. (Microsoft)
In conclusion, the statistics around customer experience highlight its importance in today’s corporate scene. It affirms that CX is more than a term; it is a strategic essential for any organization seeking to thrive in today’s competitive market. Businesses should use the power of these customer experience statistics to not only keep and gain consumers but also to develop long-lasting connections that promote growth and success.